AIBC

Over $19 million in seized crypto sold by Feds

Posted:Jul 06, 2021 10:37 Category: Americas , Crypto , Posted by
Ravindu Dabarera

500 Bitcoins seized in 2018 by federal authorities were sold a record sum

Ohio feds took to crypto trading and sold $19.2 million worth of Bitcoin they seized off a 37-year-old man from Toledo, OH in 2018, who sold fake documents including ID cards and driver licenses. At the time of his arrest, the 500 Bitcoins stood at a collective price of $2.88 million.

It was not disclosed when and how the tokens were sold, but it marks the largest net forfeiture in the history of the Northern District of Ohio. The proceeds are split between federal agencies and local police departments involved in the investigation, as well as crime victim support funds and the US Treasury.

The previous owner of the digital money, Mark Alex Simon had been under investigation since 2008. In 2015, forged documents were traced to a website Simon built, leading up to a police raid in 2018, when his crypto assets were seized. He pleaded guilty in 2019 to the charges of conspiracy to launder money and the transfer of false identification documents. He was sentenced to two years in prison.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Related Posts

Europe pioneers new era of…

The European Commission is taking significant steps towards adopting blockchain technology to revolutionise the verification process of educational and professional…

First digital bond for Israel

The Tel Aviv Stock Exchange in collaboration with the Israeli Ministry of Finance and three leading tech companies issued the…

UK PM announces AI focused…

UK Prime Minister, Rishi Sunak, has announced plans to host a global summit regarding Artificial Intelligence (AI) a landmark move…

Crypto market in turmoil as…

The U.S. Securities and Exchange Commission has filed a lawsuit against Binance, the world's largest cryptocurrency exchange, and its CEO,…